Frequently Asked Questions-Assessor

Q.How is the assessed value of real estate determined?

A .Assessments are based on 70% of “Fair Market Value”.

Q.What is the difference between assessed value and market value?

A.The assessed value is 70% of the appraised market value and is used as the basis for determining
the property taxes. Market value is the typical price that a willing buyer would pay a willing seller if the
property were offered on the open market.

Q.What is a mil rate?

A.The mil rate is a thousandth of a dollar. The dollar equivalent of a 25.0 mil rate is $25/$1000,
therefore, a property with an assessment of 100,000 would have a tax liability of $2500.00.

Q.How is my motor vehicle assessed?

A.Motor vehicles registered in the State of Connecticut are assessed at 70% of the average retail
as listed in the NADA books for the current Grand List year.

Q.If I sell my vehicle am I taxed for the whole year?

A. No, Taxpayers only have a liability for the months the vehicle is owned. If the vehicle is totaled,
goes out of state, stolen or otherwise disposed of taxes are due from October through the month
vehicle ownership is terminated.*

*Vehicles traded on another Motor Vehicle are pro-rated.*

Q. What determines which Town collects taxes on my vehicle?

A. The Town of residence, as of October 1st any year where the vehicle is garaged
determines where the Taxpayer pays the taxes due.

Q. When does the tax on my property increase?

A. One way property tax can increase is an increase in the mil rate. Also, properties that
have been improved would be inspected and the increase would be added to the original assessment.